What is ICP Crypto?
ICP is the native cryptocurrency that powers Internet Computer, a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. ICP is also a governance coin used for staking, as well as to secure delegated decision-making power while leveraging power from associated nodes on the network
Why Did ICP Crypto Surge in May 2023?
ICP crypto made a stunning debut on May 10, 2023, when it was listed on major exchanges such as Coinbase, Binance, and Huobi. It reached a peak price of $737.20 USD on the same day, making it the fourth-largest cryptocurrency by market capitalization. The hype around ICP crypto was driven by several factors, such as:
- The ambitious vision of Internet Computer to create a “World Computer” blockchain that can host any online system or service, without need for traditional IT such as cloud computing services.
- The innovative design of Internet Computer, which uses chain key cryptography to enable decentralization and innovation. It also provides a source of cycles, a voting system, and a store of value for its token ICP.
- The strong backing of Internet Computer by reputable investors and institutions, such as Andreessen Horowitz, Polychain Capital, DFINITY Foundation, and the Ethereum Foundation.
What Caused ICP Crypto to Plummet in June 2023?
However, the euphoria around ICP crypto did not last long. By June 10, 2023, ICP crypto had lost more than 90% of its value, trading at around $60 USD. The crash of ICP crypto was attributed to several reasons, such as:
- The lack of clarity and transparency on the tokenomics and governance of Internet Computer. Many investors and users were confused about the role and distribution of ICP tokens, as well as the decision-making process of the Network Nervous System (NNS), the DAO that governs the Internet Computer blockchain.
- The high volatility and competition in the crypto market. ICP crypto faced intense pressure from other cryptocurrencies, especially Bitcoin and Ethereum, which recovered from their May lows and regained market dominance. ICP crypto also faced competition from other DeFi platforms, such as Solana, Polygon, and Binance Smart Chain, which offered lower fees and faster transactions.
- The negative sentiment and FUD (fear, uncertainty, and doubt) around ICP crypto. Many critics and skeptics questioned the viability and security of Internet Computer, as well as the motives and credibility of its founders and supporters. Some even accused Internet Computer of being a scam or a cult, and spread rumors and misinformation about its technology and vision.
Is ICP Crypto Dead or Alive?
As of December 18, 2023, ICP crypto is trading at around $9 USD, with a market capitalization of $1.2 billion USD. It ranks 47th among the top cryptocurrencies by market cap. While ICP crypto has lost most of its value and popularity since its launch, it is not dead yet. There are still some signs of life and hope for ICP crypto, such as:
- The continuous development and improvement of Internet Computer. The Internet Computer team and community have been working hard to fix the bugs and issues that plagued the network in its early days, as well as to add new features and functionalities that enhance its performance and usability.
- The growing adoption and innovation of Internet Computer. Despite the challenges and setbacks, Internet Computer has attracted some notable projects and partners, such as OpenAI, Chainlink, Uniswap, and Reddit, which have built or integrated with Internet Computer to leverage its unique capabilities and benefits.
- The loyal and passionate support of Internet Computer. There are still many believers and fans of Internet Computer, who see its potential and vision to revolutionize the internet and the world. They have been actively participating and contributing to the Internet Computer ecosystem, such as by creating content, hosting events, providing feedback, and spreading awareness.
Conclusion
ICP crypto is one of the most controversial and polarizing cryptocurrencies in the history of the crypto space. It has experienced a meteoric rise and a dramatic fall in a short span of time, and has faced many challenges and criticisms along the way. However, ICP crypto is not dead yet, and it still has a chance to recover and succeed in the future. The fate of ICP crypto depends largely on the development and adoption of Internet Computer, as well as the sentiment and support of the crypto community. Whether ICP crypto is dead or alive is ultimately a matter of perspective and opinion.
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